Guideline Value for Ovaiyar Street

Ovaiyar Street guideline value

The current guideline value of Ovaiyar Street in Sholavaram village is Rs 770 per sq.ft, effective from 1 July 2024. This street falls under the Redhills Sub Registrar Office (SRO) and is classified as Residential Class I Type - I.

How the guideline value of Ovaiyar Street has changed

The guideline value of Ovaiyar Street has seen several revisions over the years. Starting from the 2007 revision, the value was Rs 400 per sq.ft, which increased by 75% to Rs 700 per sq.ft in 2012. However, it then decreased by 33% to Rs 469 per sq.ft in 2017. The subsequent revision in 2023 saw an increase of 49% to Rs 700 per sq.ft, and the most recent revision in 2024 raised it by 10% to Rs 770 per sq.ft.

There are no figures available for the revisions in 2002 and 2003 for this street. Overall, from 2007 to 2024, the guideline value has increased by 93%.

Guideline values in Sholavaram

In Sholavaram, there are 98 streets under the Redhills SRO with a 2024 guideline value ranging from Rs 515 to Rs 3,500 per sq.ft. The median value is Rs 660 per sq.ft, placing Ovaiyar Street's 2024 figure above this median.

• Orakkadu Road (Upto Sai Balaji Nagar): Rs 550 per sq.ft (2024)
• Nulaga Street: Rs 550 per sq.ft (2024)
• N.G.O. Colony: Rs 550 per sq.ft (2024)
• New Sun Garden: Rs 550 per sq.ft (2024)
• New Sun City Phase - IV: Rs 770 per sq.ft (2024)
• New Sun City Phase - I: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Ovaiyar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 770 per sq.ft, the total guideline value would be Rs 7,70,000. The stamp duty at 7% would amount to Rs 53,900, and the registration fee at 2% would be Rs 15,400, bringing the total to Rs 69,300. It is important to note that duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more detailed calculations.

Which Sub Registrar Office covers Ovaiyar Street?

The Sub Registrar Office that covers Ovaiyar Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Sholavaram

The guideline value is a crucial factor in the registration process when buying or selling property in Sholavaram. It serves as a benchmark for determining the stamp duty and registration fees payable during the transaction.

When a property is registered, the guideline value is compared to the sale price, and the higher amount is used to calculate the applicable duties and fees. This ensures that the government receives the appropriate revenue from property transactions.

Frequently asked questions

What is the current guideline value of Ovaiyar Street?

The current guideline value of Ovaiyar Street is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 400 per sq.ft in 2007 to Rs 770 per sq.ft in 2024, reflecting an overall increase of 93% over the years.

What is the stamp duty for property in Ovaiyar Street?

The stamp duty for property in Ovaiyar Street is 7% of the guideline value or the sale price, whichever is higher.

Where can I find the Sub Registrar Office for Ovaiyar Street?

The Sub Registrar Office for Ovaiyar Street is the Redhills Sub Registrar Office, located at Sothupakkam Road, Eswaran Koil Back Side, Theerthangiriyambattu, Redhills, Chennai - 600 052.

What are the guideline values of other streets in Sholavaram?

Other streets in Sholavaram have varying guideline values, with rates ranging from Rs 515 to Rs 3,500 per sq.ft. For example, Orakkadu Road, Nulaga Street, N.G.O. Colony, and New Sun Garden all have a guideline value of Rs 550 per sq.ft in 2024.